Kelowna 5th most expensive home rental market out of 24 Canadian cities
The cost of renting a home in Kelowna continues to climb with the median price for a one-bedroom apartment hitting a record high of $1,900 in September.
That’s up 18% from the median price of $1,610 in September 2021 – an increase of $290 per month, according to online rental service Zumper.com.
Those renting two-bedroom suites didn't see such a dramatic increase at only 10.1%. Still, the median Kelowna rent in September of $2,400 is a $220 increase over last year.
The rent for a one-bedroom apartment in September was up 3.8% from $1,830 in August. The price of a two-bedroom actually fell 1.2% month over month.
These rates leave Kelowna as the fifth most expensive rental market out of 24 cities on the Zumper.com list.
As usual, Vancouver tops the list at $2,500 for a one-bedroom apartment. While that’s the same rate as in August, it’s up 17.4% from a year ago.
“Vancouver’s slowdown may be signalling that a rent ceiling has been hit since this city has only continued to break record highs the last six months and renters are no longer willing to pay the sky-high prices,” a Zumper.com news release reads.
Toronto and Victoria tied for second at $2,090 while Burnaby came in $10 per month lower in fourth place.
Victoria had the highest year-over-year price increase of 30.6%.
The only other B.C. city on the list was Abbotsford and it came in 17th at $1,470.
Kamloops is not included on the top 24 list because there is limited data.
Zumper.com says the average rent for a one-bedroom apartment in Kamloops fell 1% to $1,590 in September versus August, and rent for a two-bedroom apartment dropped 7% to $2,160.
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